2- and 3-Bed Condo Unit
For Sale
$2,000,000
4051 Gilman, Seattle, WA 98199
Seven condo units in a professionally managed building offer private balconies, gas fireplaces, and on-site amenities.
Property Size6,793 SF
Price / SF$294.42
Days on Market570
Property Features for 4051 Gilman
General Information
Standard status
Active
Size
6,793 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
7
Amenities
on-site laundry
intercom entry system
elevator
assigned parking spots
additional storage
gas fireplaces
private balconies
Building Details
Year Built
1968
Listing Agency:
John L. Scott,Inc
Listed By:
George Graham
(206) 522-3400
Source:
Skylineproperties
Added: Jan 6, 2025
Changed: Jul 26
Last Checked: Jul 30 at 6:12PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of John L. Scott,Inc
Investment Insights
Based on property information with market context.
This offering is a portfolio of seven 2- and 3-bedroom condo units in the well-maintained Gilmanor Building. The units range from approximately 786 to 1,081 square feet and feature gas fireplaces, private balconies, and newly renovated interiors. Building amenities include on-site laundry, an intercom entry system, an elevator, assigned parking, and additional storage.
Located at 4051 Gilman in Seattle’s Magnolia community, the building is described as providing convenient access to major employers, with proximity to Magnolia Village and Discovery Park. Walk Score is listed as 77 and Bike Score as 62.
Each unit’s layout is designed for comfort and efficiency, supporting a straightforward mix of 2- and 3-bedroom configurations within a single professionally managed community building.
Located at 4051 Gilman in Seattle’s Magnolia community, the building is described as providing convenient access to major employers, with proximity to Magnolia Village and Discovery Park. Walk Score is listed as 77 and Bike Score as 62.
Each unit’s layout is designed for comfort and efficiency, supporting a straightforward mix of 2- and 3-bedroom configurations within a single professionally managed community building.
Key Highlights
- Portfolio of seven condo units in the Gilmanor Building, built in 1968
- Unit sizes range from 786–1,081 SF with 2- and 3‑bedroom layouts
- Units feature gas fireplaces and private balconies, plus newly renovated interiors
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $216.0k | $31.80 |
| − Vacancy | −$7.6k | −$1.11 |
| EGI | $208.5k | $30.69 |
| − OpEx | −$93.8k | −$13.81 |
| NOI | $114.7k | $16.88 |
6,793 SF · lease $31.80/SF/yr · vacancy 3.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.64M
$1.43M – $1.91M
NOI $114,651 @ 7.0% cap · market cap 5.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.04M
$1.79M – $2.38M
NOI $143,059 @ 7.0% cap · market cap 7.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
1,189
Businesses Nearby
Explore this area
Business Placement
Demographics for 98199, WA
22,549
Population
10,737
Households
2.1
Avg Household Size
39
Median Age
77%
College-Educated
99%
High-School Grad
4.2 sq mi
ZIP Area
5,369
Density / Sq Mi
$176,729
Median Household Income
$99,361
Median Earnings
$2,461
Median Rent
$1,160,000
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Seven condo units in a professionally managed building offer private balconies, gas fireplaces, and on-site amenities.
Where is this apartment building located?
The property is located at 4051 Gilman Seattle, WA.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: Portfolio of seven condo units in the Gilmanor Building, built in 1968; Unit sizes range from 786–1,081 SF with 2- and 3‑bedroom layouts; Units feature gas fireplaces and private balconies, plus newly renovated interiors
